Multi-Family Apartment Complex
1005 Raleigh St, Elizabeth City, NC 27909
Well-maintained 24-unit apartment complex with high occupancy rate.
Type:Multifamily
Property size:
21,500 SFPrice / SF:
$125/SF- Added:
- Feb 4, 2026
- Days on Market:
- 97
- Last Refresh:
- Mar 17 at 1:15 pm
Property Features for 1005 Raleigh St
General Information
- Standard status
- Active
- Size
- 21,500 SF
- Property subtype
- Multifamily
Listing agent Kellen Long License #362488
Listing office The Rich Company
Listing date Feb 4, 2026
Source Crexi
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of The Rich Company
HighLights
- High Cap Rate: Enjoy a 9% cap rate based on NOI at full occupancy.
- Strong Income Potential: Net Operating Income (NOI) of $243,704.40 at full occupancy. Gross annual income of approximately $303,000 at current occupancy.
- High Occupancy Rate: Currently 95.8% occupied with only one vacant unit.
- Portfolio of 24 Units: Includes a mix of unit types across three properties.
- Recent Capital Improvements: Significant upgrades completed since 2017.
- Zoning Potential: Located in the City's Apartment District (AD) zoning.
Overview
This multi-family apartment complex presents a unique investment opportunity. The portfolio consists of three properties: 1005 Raleigh St., 1110 Park St., and 0000 Park St., totaling 24 units. Each unit ranges from approximately 800 to 900 square feet and features 2 bedrooms and either 1 or 1.5 bathrooms. The complex includes a mix of one-story units with handicap accessibility and two-story apartments. Specifically, 1110 Park St. comprises four quadplex buildings, while 1005 Raleigh St. features one duplex and one six-unit building. The combined building square footage is approximately 21,500 square feet. The property is currently 95.8% occupied, with only one vacant unit actively marketed at $1,200 per month. Current rents range from $1,000 to $1,300 per month. The property generates approximately $303,000 in gross annual income at its current occupancy, with a projected gross income of $317,400 at full occupancy based on current rental rates. Significant capital improvements have been made since 2017, including the replacement of 3 roofs within the past 3-4 years with 30-year architectural shingles, encapsulation of all quadplexes at 1110 Park St. with the addition of dehumidifiers, and the replacement of 14 HVAC units (7 since 2017 and 7 in 2016). Ongoing interior upgrades include new carpet, vinyl flooring, fresh paint, and updated appliances. All multi-family buildings are located within the City's Apartment District (AD) zoning, potentially allowing for additional units with city approval. The residual parcel at 0000 Park St. is zoned R-8 residential and has a restrictive covenant.
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Elizabeth City
- County
- Pasquotank
- State
- North Carolina
- Longitude
- -76.209786
- Latitude
- 36.2907908
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Well-maintained 24-unit apartment complex with high occupancy rate.
Where is this apartment building located?
The property is located at 1005 Raleigh St Elizabeth City, NC.
What is the asking price?
The asking price for this property is $2,695,827.
What are key features of this property?
This property features: High Cap Rate: Enjoy a 9% cap rate based on NOI at full occupancy.; Strong Income Potential: Net Operating Income (NOI) of $243,704.40 at full occupancy. Gross annual income of approximately $303,000 at current occupancy.; High Occupancy Rate: Currently 95.8% occupied with only one vacant unit.
